Rittenhouse Realty Brokers $23.5 Million Sale of 350-Bed Community Near Temple University

Philadelphia — Rittenhouse Realty Advisors (RRA), a member of GREA, has brokered the $23.5 million sale of Diamond Green, a 350-bed student housing community located near Temple University in Philadelphia. 

The 92-unit property was built by Orens Brothers Real Estate using modular construction. The community features six retail spaces on the ground floor and a 28-stall parking garage. Apex Student Living, a joint venture between Alexandra Capital and Axela Group, acquired the property. 

“We are seeing record performance in student housing in terms of pre-lease velocity and rent growth, which is in turn attracting investors to the asset class,” says Douglas Sitt, co-head of student housing with RRA. “Even in a rising rate environment, we don’t see a slowdown in investment activity as the market fundamentals of student housing have a strong outlook.”